Miami passes Los Angeles as the second most expensive housing market in the US

[Rootin4EverybodyBlack]

Living in a trailer is extreme, but I can understand why seemingly well to do people have given up on buying a house.

The current selling price in my neighborhood + interest rate hikes, my mortgage would be almost $1200 more today than it was when I bought last Feb. Theres no chance in hell I’d pay that much for this place with no updates or garage.

Realtors will hit you with that “the market always goes up” b.s. but ppl buying now are gonna be screwed for years to come.

 

[Raji Lowenthal]

They're waiting on a house to finish being built so I don't think they're representative of the we can't afford a house crowd.

 

[fluid hips]

That hipster "hardship" to be more relatable to people

 

[osh kosh bosh]

If you banned companies from owning single family homes.

You would just get decreased rental supply,
and empty nest boomers and gen xers turning their basements and spare rooms into even smaller apartments

single family owners have gotten rich enough.

TBH id perfer to pay blackrock to rent a single family home,
than pay tons of money to a single family home owner to live in windowless millennial dungeon basement.

 

[RustyShackleford]

If you banned companies from owning single family homes.

You would just get decreased rental supply,
and empty nest boomers and gen xers turning their basements and spare rooms into even smaller apartments

single family owners have gotten rich enough.

TBH id perfer to pay blackrock to rent a single family home,
than pay tons of money to a single family home owner to live in windowless millennial dungeon basement.

Where are you getting this from because it doesn't make economic sense to me just thinking about it

 

[RustyShackleford]

I would personally would ban these companies, pension funds, and foreign entities from buying up single family homes.

And then give them major tax breaks for investing in the construction of multifamily housing.

 

[osh kosh bosh]

Where are you getting this from because it doesn't make economic sense to me just thinking about it

These companies are buying these houses to rent them
since it's extremely hard to get apartment built.

you're replacing rental housing with individual home owners. Who.maybe rent out just the basement.

so you go from up to two rental units maybe 3 if ADU are allowed.

to maybe 0-1 unit with a single family home owner.

But I'll defer to you on the economics if that's wrong.

 

[Raji Lowenthal]

If you banned companies from owning single family homes.

You would just get decreased rental supply,
and empty nest boomers and gen xers turning their basements and spare rooms into even smaller apartments

single family owners have gotten rich enough.

TBH id perfer to pay blackrock to rent a single family home,
than pay tons of money to a single family home owner to live in windowless millennial dungeon basement.

Why would you rent a single family home vs buying? Most single family rentals in my area are renting for much more than a 0 money down loan would run you? Gap probably closed a bit with the recent rate hikes.

 

[osh kosh bosh]

Why would you rent a single family home vs buying? Most single family rentals in my area are renting for much more than a 0 money down loan would run you? Gap probably closed a bit with the recent rate hikes.

well different markets might be different.
but in canada there are no 0 down loans and the average price of a detached single family home is like 1.5 million.

im sure blackstone buying a ton of single family homes and turning them into rentals
will be less expensive than rent wise than the mortgage a 1.5 million dollar single family home that most people qualify for.

 

[Raji Lowenthal]

well different markets might be different.
but in canada there are no 0 down loans and the average price of a detached single family home is like 1.5 million.

im sure blackstone buying a ton of single family homes and turning them into rentals
will be less expensive than rent wise than the mortgage a 1.5 million dollar single family home that most people qualify for.

In what market can you not afford a 1.5 million dollar mortgage but can afford the rent in a market of 1.5 million dollar homes. US rental markets are determined by market value of the property. It's how people get priced out of their own neighborhoods through gentrification if they chose to rent.

 

[osh kosh bosh]

In what market can you not afford a 1.5 million dollar mortgage but can afford the rent in a market of 1.5 million dollar homes. US rental markets are determined by market value of the property. It's how people get priced out of their own neighborhoods through gentrification if they chose to rent.

Because the rental company can turn a house into multiple units.
vs a single family home owner who is carrying the mortgage alone.

In toronto a market with tons of International students, Ive seen people rent beds in a room you have to share in a house for like 700 bucks a month.


my family has rented houses back in the day, its absolutely profitable for a individual to do it.
so a large investment fund im sure is getting better rates on multiple homes than an individual with a single home.

 

[Raji Lowenthal]

Because the rental company can turn a house into multiple units.
vs a single family home owner who is carrying the mortgage alone.

In toronto a market with tons of International students, Ive seen people rent beds in a room you have to share in a house for like 700 bucks a month.


my family has rented houses back in the day, its absolutely profitable for a individual to do it.
so a large investment fund im sure is getting better rates on multiple homes than an individual with a single home.

Interesting. In my area it's illegal to convert a single family home into multi family units. People do it, but it can hinder a resale or result in fines if discovered. So people are renting apartments in a single family home vs renting an actual single family home, which makes more sense.

 

[getback]

 

[spiderjericho]

How did my Miami get that high?

And why Boston that high? I get NYC and San Fran.

 

[getback]

Boston been high for a long time. Some of the best hospitals and schools. Tech companies, on the ocean, low supply, close to NY….

 

[spiderjericho]

I went there in October. First time. A month after I went to NY. Wasn’t feeling it compared to the other cities on that list (exception San Jose).

But the public transportation wasn’t bad. They got major sports teams. Harvard, MIT, etc.

My condolences to my Bostonites.

 

[getback]

Depends what you’re looking for in a city. People generally come here to work, go to school, for healthcare and to raise families not to pop bottles.

 

[Rootin4EverybodyBlack]

Can’t believe DC isn’t on the list. Paying that much to live in Boston and freeze your *** off is wild

 

[spiderjericho]

That’s a good point. I like DC more than Boston. It is a surprise not seeing it on the list.

Sucky NBA team but the city got everything including Mumbo sauce.

 

[kingkoopa]

JESUS

 

[tay1]

Look at LA not being in there top 5 .

 

[Mark Antony]

Yeah Boston caught me off guard. Had a new position that kept moving then they finally settled on Boston. Looked at the rent prices and told em foh for that salary. The hell is in Boston that caused that increase?

 

[bale]

doesn't surprise me at all TBH, Boston is an ancient 'Merican city like I think New England has elite universities & such, you would hope there are high salaries & plentya jobs at those places. Philly is an old American town too but I mean it's still in PA (no dis I mean I live in the Rust Belt)

 

[getback]

Yeah Boston caught me off guard. Had a new position that kept moving then they finally settled on Boston. Looked at the rent prices and told em foh for that salary. The hell is in Boston that caused that increase?

The main thing is low supply. Supply and demand dictates rent and there is low supply here.

Also great schools, hospitals/doctors, corporate and tech jobs, on the water, proximity to tri-state.

 

[spiderjericho]

But higher than LA? San Diego?